The announcement that the company was seeking liquidation was made on Tuesday.

The plant is owned by Irish Fertiliser Industries and its major shareholders are the Irish Government and the British multinational ICI.

Richardsons employs 206 people at its plant in the city's docklands area.

It is a major blow for that part of Belfast and a psychological blow to the farming industry

Richard Wright BBC NI agriculture reporter

The company said it had been operating in a difficult market condition recently.

A further 420 jobs are to go at the company's plants in Cork and Arklow in the Republic of Ireland.

The company is already preparing to wind down its operations in Belfast, even though it says it plans to continue trading for the next few weeks.

The company was hit badly by the foot and mouth outbreak last year, and by the rising cost of gas on the world market.

Union leaders in Belfast described the job losses as "very disappointing".

Richard Wright from BBC NI's agriculture unit said the decision had come as a blow.

"The fact that two entities, the Irish Government and the ICI decide to liquidate a business is really a sign that there is no confidence in the industry.

"It is a major blow for the people who work in the plant and a psychological blow for the farming industry."

The president of the Ulster Farmers' Union said the news had come as a shock.

John Gilliland added that the Richardsons brand had been synonymous with Northern Ireland agriculture and would be a great loss.